Japan's industrial output drops for first time in 3 months

Japan's industrial production dropped for the first time in three months in February by a seasonally adjusted 2.3 percent from the previous month, the government said Monday. The Ministry of Economy, Trade and Industry, in a preliminary report released Monday, attributed the decline to the impacts of record snowfall which forced some automakers to halt factory operations in February. Production of transport equipment makers dropped 5.8 percent and that of general machinery makers lost 3.3 percent. The index of output at factories and mines stood at 101.5 against the base of 100 for 2010, the ministry said, adding that the index of industrial shipments lost 1.0 percent to 103.9 while that of inventories was down 0.8 percent to 103.8. However, the ministry maintained its basic assessment of production, saying it "continues to show upward movement."